A gentler, more wistful Henry Jaglom wrote and directed "Hollywood Dreams," his 15th and perhaps most accessible film. Filled with movie memories and gender confusion, the story shows one of our most polarizing independent filmmakers in a nostalgic mood, musing over the burdens of fame and the price of success — which would be love, as if you didn't know.

More disciplined but just as emotionally naked as Mr. Jaglom's previous films, "Hollywood Dreams" focuses on a rabidly fame-smitten starlet named Margie (Tanna Frederick), with tumbling Titian curls and a smile as wide as Hollywood Boulevard.

Rescued from obscurity by a kindly producer (Zack Norman), Margie is soon living in luxury and falling for a young actor (a lovely, low-key Justin Kirk), who, in a nice twist on more familiar prejudices, is building his career by pretending to be gay. Since Margie is toting her own sexual-identity baggage, the couple are a match made in heaven. Or at least la-la land.

Knowing but never jaded, "Hollywood Dreams" is driven by Ms. Frederick's no-boundaries commitment to her broken character, a performance that's as startling as it is touching. In Mr. Jaglom's maverick hands, the appeal of illusion over reality is both fatal and irresistible.

Written, directed and edited by Henry Jaglom; director of photography, Alan Caudillo; music by Harriet Schock; produced by Rosemary Marks; released by the Rainbow Film Company. Running time: 100 minutes.